Russian industry experts warn that the recent decline in Toncoin (TON) prices could have broader implications for the cryptocurrency market. This may lead to a short-term downturn.
Increasing Risk of Market Dip
BitRiver CEO Igor Runets noted that the risk of a market dip is growing. He explained that a significant drop in TON prices might temporarily impact the entire cryptocurrency market.
Traders Betting on Price Drops
Runets highlighted that Pavel Durov’s arrest in France raises major concerns about internet freedom and the crypto market. Ubit CEO Timofey Grigorenko pointed out that some traders often bet on price drops during significant news events. He compared this situation to when Binance founder Changpeng “CZ” Zhao faced a jail sentence in the U.S.
Rising Uncertainty in the Crypto Market
Sergey Ramaninov, an analyst from the Telegram channel RynkiDengiVlast (RDV), said that Durov’s arrest has introduced risks to the crypto market. He warned that serious charges could force Durov to choose between making Telegram transparent to authorities or facing a long prison term. Both scenarios could negatively impact TON and Telegram. Ramaninov added that Telegram might lose a significant number of users if it loses its key advantage. Alternatively, if Durov remains in prison, the TON project could face major financing issues.
Potential Ripple Effect on Other Tokens
Grigorenko expressed concerns that Durov’s arrest might also affect the Hamster Kombat project. This project has faced delays in token listing, and the arrest could cause further delays. Fedor Ivanov from Shard suggested that unresolved issues with Durov might lead to a significant sell-off of Hamster Kombat tokens shortly after they are listed.
Other Cryptocurrencies May Benefit
Some analysts believe that problems with TON might indirectly benefit other cryptocurrencies. Oleg Kalmanovich, Chief Analyst at Neomarkets, observed that investors are shifting from Toncoin to other digital currencies. Additionally, BitRiver’s Vladislav Antonov predicted that TON prices might drop to $4.60 following Durov’s arrest, with further declines possible.
Durov’s Uncertain Future and Market Pressure
Toncoin’s price dropped sharply after news of Durov’s arrest, but it later stabilized. Currently, TON is trading around $5.40 on most exchanges. As Durov’s legal situation remains unresolved, financial analyst Vladislav Antonov believes that TON will continue to face market pressure. He expects prices could drop to $4 and $3.50 per coin.
Geopolitical Implications
Russian media and politicians speculate that Durov’s arrest may be part of a broader Western strategy against Russia. Meanwhile, the UAE has requested access to Durov from French officials. Facing 12 charges, Durov could receive a 20-year prison sentence if convicted. Many in Russia view his arrest as part of a new round of hybrid warfare by the West.
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